The Prime Minister said yesterday, as I said, that interest rates will come down. He was sure of that, but his housing agency, CMHC, is also saying that housing starts last year, this year and next year will all decline. In fact, CMHC is saying that we need five million more homes on top of whatever is being built. The National Bank said, “Canadian households should not expect any significant relief from housing cost inflation.”
When you lower that interest rate, what impact is that going to have on housing prices, given that the demand has not gone down and is only increasing?